PGNiG buys stakes in Total’s Norway licenses

12/06/2019 09:16 Energy


Polish state-controlled oil and gas company PGNiG announced the acquisition of stakes in two licenses owned by French supermajor Total, Kallanish Energy learns.

The company will take a 22.2% interest in the PL146 and PL333 blocks, on the Norwegian Continental Shelf (Ncs), where the King Lear Basin is located.


It's expected to hold 98.6 million barrels of oil-equivalent (Mmboe) of gas and condensate. According to the agreement, PGNiG will be able to extract 1.5 Mmboe annually.


Norwegian company Aker BP is project operator with a 77.8% interest acquired last October from Norwegian player Equinor for $250 million. Production is scheduled for 2025.


Daily (13.06.2019): WTI futures lost 4% on Wednesday, due to rising crude inventories and weaker demand outlook

13/06/2019 10:53:00

Crude oil prices tumbled on Wednesday, amid higher U.S. crude inventories and poorer demand outlook. US-China trade negotiation also weighed on prices. As a result, Brent crude plunged by 3.7% to $59.97 a barrel, while WTI futures lost 4% to settle at $51.14 a barrel.


Norway powers up its largest onshore wind farm

13/06/2019 09:08:00

A 255.6MW onshore wind farm claimed to be the largest in Norway is now up and running.


Azerbaijan’s natgas exports up by 28%

13/06/2019 09:04:00

Azerbaijan’s natural gas exports showed a 28 percent increase year-on-year rising from 8.030 billion standard cubic meters in 2017 to 10.276 billion standard cubic meters in 2018, Trend reports citing OPEC Annual Statistical Bulletin.